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Real Estate Briefing 27.Nov 2012

Posted on 27 November 2012 by Laxman |  Email |Print

According to the National Association of Realtors (NAR) quarterly commercial real estate forecast, most of the major commercial real estate sectors show gradually improving fundamentals and are easily absorbing the relatively small amount of new space that is coming online, with a full recovery already in the multifamily market.
Lawrence Yun, NAR chief economist, said the market has been slowly building momentum. “Job creation is the key to increasing demand in the commercial real estate sectors,” he said. “The economy is expected to grow 2.5 percent next year, and with modest job creation, assuming there is no fiscal cliff, the demand for commercial space will gradually rise. The greatest friction that remains is a tight credit environment, notably for smaller properties.”……………………………………….Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

Current homeowners are finally moving up, and distressed sales are making up less of the overall market—all signs of much-needed improvement in housing. Current homeowners accounted for 54 percent of October’s non-distressed market, up from 50 percent in June, according to a new survey by Campbell/Inside Mortgage Finance.
This as the share of non-distressed sales surged to 64.7 percent, up from 55.7 percent as recently as February. Unfortunately, first-time home buyers are seeing just the opposite, largely left out of this surge in sales and prices. Their share of the market, usually up in the 40 percent range historically, fell to 34.7 percent in October, the lowest in the Campbell/IMF survey’s three-year history………………………………………..Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

Despite improvements in the housing market, there are still plenty of foreclosed or bank-owned properties ripe for house flippers—professionals who purchase distressed properties to renovate and resell. According to RealtyTrac.com, an online marketplace of foreclosed properties, investors flipped close to 100,000 homes in the first half of the year, making almost $30,000 per flip, on average.
However, experts warn that house flipping isn’t as easy as it looks on TV. “You gotta be careful, really do your research, and know what you’re doing,” says Mike LaCava, a real estate investor outside Boston who founded the House Flipping School to teach others about the trade………………………………………..Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

According to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS),fixed mortgage rates in the U.S. found new record lows for the second consecutive week keeping borrowing costs attractive to support the ongoing housing recovery.
Frank Nothaft, vice president and chief economist of Freddie Mac says, “Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery. Already, new construction on homes was up 3.6 percent in October to the strongest pace since July 2008. In November, homebuilder confidence rose for the sixth straight month to its highest reading since June 2006 according to the NAHB/Wells Fargo Housing Market Index………………………………………..Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

An unexpected rise in new mortgage approvals to a nine-month high in October gave further evidence on Friday of indications of an upturn in the UK housing market. The British Bankers’ Association (BBA) reported that approvals were higher than expected at 33,039, as compared to 31,544 in September.
Economists had predicted a smaller growth to 32,000. Gross mortgage loans amounted £7.5bn, slightly above the recent monthly average. Howard Archer, chief UK economist at IHS Global Insight, claims that the BBA data adds to other recent evidence that housing market activity is picking up modestly………………………………………..Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

Investigation names investors exploiting offshore tax and duty loopholes allowing overseas purchasers to buy up UK property. The UK is increasingly turning into a property speculators’ haven, thanks to tax loopholes and the offshore secrecy offered by the British Virgin Islands (BVI) that hides many property transactions. We disclose the identities of some of the people secretly buying up Britain.
The Guardian’s investigation with the Washington-based International Consortium of Investigative Journalists (ICIJ), covering nearly 60 sample premises, shows how anonymous buyers are taking over more and more blocks of luxury housing………………………………………..Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

Investment in European logistics and industrial assets maintained its momentum in the third quarter of 2012, with roughly EUR 2 bn transacted over the quarter, according to new research published by agent Jones Lang LaSalle.
The EUR 2 bn figure marks a slight dip from EUR 2.2 bn in Q2, largely a result of a slow first quarter and the continued limited supply of prime product, JLL said………………………………………..Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

Signs of recovery in the housing market have taken a hit with prices falling again. Official figures show residential property prices fell in October by 0.6%, despite August and September boasting the first increase for two months in a row.
Overall, the national market dropped by another 8.1% in the year. The Central Statistics Office (CSO) index revealed that in Dublin residential property prices went down by 0.2% last month, and were an estimated 7% lower than a year ago………………………………………..Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

The IPD Sweden Quarterly Listed Property Market Monitor shows that underlying property returns in the listed sector continue to be stable. The total return from the underlying property assets reached 1.6% in the third quarter, which is marginally below last year’s third quarter of 1.9%.
Over the past twelve months to September, total returns reached 8.1% with 5.5% income return and 2.5% capital growth, which compares with a total return of 8.8% for the full year 2011………………………………………..Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

Cushman & Wakefield is bullish on Russia. The world’s largest privately-held commercial real estate services firm based in New York City, predicts Russia will become the largest consumer market in Europe by the end of 2013 “If retail turnover will keep at current levels of 5% annual growth.”
Maxim Karbasnikoff, Head of Retail Services, Cushman & Wakefield, made that forecast at the recent three-day 2012 MAPIC conference in Cannes, France. MAPIC is an international retail real estate show held each year in November………………………………………..Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

Residential property prices are expected to surge by 15 to 20 per cent next summer, according to Kamal Awamleh, president of the Housing Investors Society (HIS).
Awamleh explained that developers will incur higher construction costs next year due to rising fuel prices and an anticipated increase in the prices of construction material, which will push up the value of apartments………………………………………..Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

Saudi Arabia is seeing significant activity in real estate auction in a bid to attract more real estate developers, land dealers and investors as recent industry reports reveal positive market indicators underlining the increasing demand for full-service urban development projects in different Saudi cities.
The Eastern Province and Riyadh are expected to unlock more lucrative prospects in the Saudi real estate market in 2013, given the rapid population growth and increasing number of businesses that are in continuous search of full-service projects to provide housing for their employees………………………………………..Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

Dubai, the desert sheikdom where home prices have plunged 65 percent since 2008, risks re- inflating its property bubble with the help of mortgage lenders offering easy terms and the lowest rates ever.
“I don’t like it when I see mortgages going back to 90 percent lending, that’s not good for the industry,” said Abdul Aziz Al Ghurair, head of the United Arab Emirates’ Bankers’ Association and chief executive officer of Dubai’s Mashreqbank PSC. (MASQ) “We don’t want to encourage people to gamble.”……………………………………….Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

Many of the top property developers in metro cities like Mumbai and Delhi have come out with a new marketing strategy to lure potential buyers. They are offering warranties on the houses they sell, similar to those offered by manufacturers of electronic appliances like TVs and refrigerators.
The warranty period ranges from 1-3 years on all electronic appliances in a fully-furnished apartment, to as high as 10 years for waterproofing of flats………………………………………..Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

Residential property markets in Beijing and Hong Kong are continuing to see robust demand, according to the latest Jones Lang LaSalle Asia Pacific Property Digest.
In Beijing serviced apartment rents increased by 2.8% quarter on quarter in the third quarter of the year and high end apartment sales price rebounded, rising 7.4%………………………………………..Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

An individual car parking space has sold for HK$1.3 million ($166,666) in Hong Kong, reports said Monday, as investors seek new ways of making money amid sky-high property prices. Buyers have turned to parking lots to make quick gains after the government imposed a series of measures last month to try to cool the Chinese city’s overheated housing market.
But the soaring price of a car park space is raising concern that money flowing into the city could further inflate the red-hot property market, the South China Morning Post reported………………………………………..Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

Rents continued to rise in most of South East Asia and moderate rental growth is expected in the next 12 months, according to the Asia Pacific Economy & Property Markets report released by Jones Lang LaSalle.
Investors continued to be active across Asia Pacific and residential investment volumes held at similar levels to the same time last year. Rents and capital values continued to rise in most markets and sectors, albeit at a modest pace, according to the report……………………………………….Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

8 out of 10 consumers expressed that they were satisfied with the service from their real estate agents. This was one of the findings of a survey on public perceptions on the real estate agency industry, conducted by the Council for Estate Agencies (CEA).
The survey aimed to determine the level of awareness and satisfaction among consumers towards the industry, and hopes to set a baseline to measure the industry’s progress in delivering service………………………………………..Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

From afar, the gleaming metal and glass edifices of Hanoi’s EVN Tower illustrate Vietnam’s rapid economic development. Up close, the rubble-strewn entrance and missing windows tell another story: one of loose lending and property speculation that now hangs over the country’s banks.
“Banks were far too eager to lend and a lot of the projects that have been built haven’t been well-thought through,” said Stephen Wyatt, managing director for real estate broker Knight Frank Vietnam in Ho Chi Minh City. “A number of developments are on hold, purely because they have run out of funding. Banks are no longer willing to fund these massive developments.”……………………………………….Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

Demand for residential land has begun to pick up in Sydney, Perth and areas of Queensland, with other positive indicators for the year ahead, according to the latest results of a new BIS Shrapnel survey.
The results also come alongside another pleasing week of auction clearance rates – both factors are yet more evidence the residential property market is getting back on its feet. According to the BIS Shrapnel Outlook for Residential Land, 2012 to 2017 report, several parts of the country are set to experience a rebound – although Melbourne and Adelaide won’t be speeding ahead with the rest of the country………………………………………..Full Article: Source

Posted on 27 November 2012 by Laxman |  Email |Print

These are 10 of the traditionally pre-eminent guises of investment risk, but specifically as they apply to Australian property investors. 1. Market risk (or systematic risk): Market risk may affect all investments in an asset class in a similar manner, such as in the event of a market-wide price crash. As such, market risk that cannot easily be mitigated through diversification.
2. Liquidity risk: Equates to the possibility that an investor may be unable to buy or sell an investment when desired (or in sufficient quantities) due to limited opportunities………………………………………..Full Article: Source

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